3 Ways Digital Document Management Helps Financial Institutions

July 27, 2016


Secure document management is an important consideration for any business that handles information—whether you’re in the healthcare industry or you work in HR. Document security takes on a whole new meaning, however, when it comes to the financial industry, where keeping data safe is of the utmost importance. Banks, financial planning firms, and investment companies are more frequently turning to digital document management to help keep their data secure.

What Document Management Offers Financial Institutions

When your business is tracking trading documents, transaction documentation, receipts, and stock exchanges, the information you’re managing needs to be kept secure at all times, not left on someone’s desk or in a filing cabinet where it could potentially be lost or stolen. Here are three ways digital document management helps protect the data financial institutions work with on a daily basis.

Keeping Data Under Lock and Key

While WebDocs' browser-based access allows people to manage documents remotely at any time, stringent security measures are also enforced to ensure this increased access doesn't lead to security breaches. Administrators can control who has access to information at departmental, sub-group, and even document-type levels. Plus, version control options paint a clear picture of every action taken on a document, giving a precise audit trail of who has accessed or made changes to every document in the system.

Setting Retention Policies

While keeping records safe is important, many financial accounting firms must purge documents after a certain length of time to destroy all remnants of its information. Why trust someone to remember to manually shred those documents when you could trust document management software to automatically delete and destroy necessary files after a set date? With WebDocs, that’s exactly what you can do. You can set up policies ensuring all traces of that confidential information are destroyed after an appropriate retention period. 

Staying Compliant

Setting retention policies to purge documents also helps these financial institutions keep compliant and in accordance with acts like the Sarbanes-Oxley Act. As Tech Target points out, this act was created to “protect shareholders and the general public from accounting errors and fraudulent practices in the enterprise, as well as improve the accuracy of corporate disclosures.” For financial institutions in particular, keeping compliant with external regulations such as these is a matter of legality, not just preference.

Secure Your Data by Going Digital

When you're dealing with confidential financial information, document security is more important than ever. Not just for your clients, but for keeping compliant and maintaining a solid reputation in a competitive marketplace. By implementing digital document management today, your company can quickly replace filing cabinets and outdated document retrieval methods with a centralized repository which improves security and user productivity when locating and accessing critical documents. 

With WebDocs, there's no reason to put off going digital. It will help manage compliance issues, set retention policies, and keep your data more secure. Request a demo of WebDocs to see digital document management in action today.


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